Singapore Technologies extends offer for Stats ChipPAC to May 18

By Lisa Kerner

Charlotte, N.C., May 3 - Temasek Holdings (Private) Ltd.'s wholly owned subsidiary, Singapore Technologies Semiconductors Pte Ltd, extended its voluntary conditional cash offer for the remaining ordinary shares, including those represented by American Depositary Shares, of Stats ChipPAC Ltd. until 5:30 a.m. ET on May 18.

The offer includes Stats ChipPAC's outstanding $115 million convertible notes due 2008 and $150 million 2.5% convertible subordinated notes due 2008.

Singapore Technologies will extend the offer by an additional 10 business days if the higher offer price threshold is reached or deemed to have been reached, according to a company news release.

The offer price is S$1.75 in cash for each ordinary share and S$17.502 (about US$11.46) in cash for each ADS. If ordinary shares and ADSs tendered result in Singapore Technologies owning at least 90% of the outstanding ordinary shares in Stats ChipPAC, Singapore Technologies will increase the offer price to S$1.88 per ordinary share or S$18.803 (about US 12.32) per ADS.

On May 2, Singapore Technologies said a total of 846,035,117 ordinary shares, including ordinary shares represented by ADSs, or 41.8% of the issued ordinary shares, were accepted on or before the original offer deadline of 5:30 a.m. ET on May 2.

A total of 34,284,111 ADSs, representing 342,841,110 ordinary shares, or 17% of the issued ordinary shares were also accepted, according to a schedule 13D filing with the Securities and Exchange Commission.

No acceptances were received for convertible subordinated notes due 2008 by the May 2 deadline.

Temasek Holdings is an Asia investment firm located in Singapore.

Singapore-based Stats ChipPAC provides semiconductor packaging design, assembly, testing and distribution solutions.

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